Karim Madad

The Board of Investment (BoI) has introduced Pakistan Regulatory Modernisation Initiative as a national effort towards improving business regulations, said an official. Secretary Board of Investment (BoI) Asad Rehman Gillani said while talking to WealthPK that the initiative is helping to consolidate various sector-level business registrations, including those for investing in information technology (IT) sector through e-services portal of the Securities and Exchange Commission of Pakistan (SECP).

Gillani said the initiative would be instrumental in harnessing the country’s potential to attract local and foreign investment by enabling and reducing the hassle to comply with regulations for registering a business. He said that one-window registration of businesses would greatly help to reduce the time and cost of incorporating a business. “It will bring in more investment in all sectors of the economy.

Simplifying and digitalising the business registration will help build and restore the investor confidence, facilitate investment and encourage private sector business activities,” he remarked. Pakistan, he said, is gradually reforming its investment climate and making significant progress. “Integration of business registrations for starting a business is another milestone. The SECP, Pakistan Engineering Council (PEC), Pakistan Software Export Board (PSEB) and Special Technology Zones Authority (STZA) are working tirelessly to facilitate businesses and build investor confidence,” he said.

Gillani said the special economic zones (SEZs) are being established to achieve various policy objectives such as attracting foreign direct investment (FDI), generating employment opportunities and uplifting the country’s general economic fabric. He added that Pakistan has immense potential for investment, particularly the FDI, owing to its location, human and natural resources.Gillani said the BoI is making all-out efforts to materialise their commitment into reality by facilitating investors.

The focus, he said, is to improve business climate and to reduce administrative and procedural burden on investors through its various initiatives such as SEZs, ease of doing business and Pakistan regulatory modernisation initiatives. The BoI secretary said Pakistan holds vast investment opportunities with lucrative returns to investors. He added that the government is following the policy to facilitate entrepreneurs to enhance ease of doing business.

Credit : Independent News Pakistan-WealthPk